Helen is 75 years old and she and her husband have been customers of Monash Bank (the bank) for 30 years.

Helen is 75 years old and she and her husband have been customers of Monash Bank (the bank) for 30 years. Since Helen’s husband died Helen often visits her local branch of the bank to withdraw her monthly pension. On one visit to the bank in November 2015 she tells her regular bank teller Don that she can’t afford to buy her grandson the present he wants for Christmas this year. Don tells Helen that he can help her with that and informs her she is eligible to loan some money at ‘next to nothing cost’ because she has been such a loyal customer.
The following Sunday evening Don visits Helen at her home. Helen feels uncomfortable letting him into her home on a Sunday night but Don just walks in. She invites Don into the kitchen and offers him a cup of tea. Don explains he has come to follow up about getting that extra cash. He produces a contract and starts to ask Helen some questions. He asks her if the money is just for extra personal expenses and inquires as to how much money she receives each month and whether she has any existing debts. Don does not ask Helen about any other outgoings / monthly expenses. Don tells Helen that the bank can lend her $10,000 at a low 5% interest rate. He does not advise Helen that the associated fees and charges for the loan represent a true comparative interest rate of 15%. Don also does not tell Helen that he is paid a commission for each loan he signs up.
Helen has low vision and no education. She has been a housewife for 55 years and always relied on her husband in financial matters. Don can see that Helen is hesitating and says to her “if you don’t sign now this one off offer won’t be available again. It would be a shame to not spoil your grandchildren this Christmas. It could be your last”.
Helen signs the loan contract and three months later has defaulted on making repayments.
Discuss the different ways (if any) Monash Bank has breached both relevant common law and legislation. *You must limit your discussion / analysis to only law we have covered up to and including the week five lecture and week six tutorial. However, for this answer, do not include/apply the Australian Consumer Law (ACL) nor apply ‘soft law’ such as the Code of Banking Practice.
What cases and legislations from banking law should I apply in analysing this case?

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